|November 21, 2006|
Energold Announces Record Number Of Metres Drilled And Expansion Of Drill Fleet
|Energold Drilling Corp. ("the Company") is pleased to announce that is had drilled a record number of metres for the first nine months of year and is on target for a year over year production increase of more than 60%. The Company fully consolidates the total metreage drilled by its 50.01%-owned Pac Rim Drilling S.A.C., 50%-owned subsidiary Kluane International Drilling and its affiliates.|
Record Metres Drilled
Energold's recent rapid expansion of its drilling capacity as well as its aggressive program of both accessing new markets and increasing its presence in existing markets, has come at the right time in response to the world-wide demand for drilling services. The effect of these additions has led to record levels of production in the second and again the third quarter. Metres drilled in the third quarter were in excess of 56,000. For the first nine-months of the year, 140,000 metres were drilled, up over 59% from the comparable period in 2005.
Summary of Quarterly (Q) and Year to Date (YTD) Metres Drilled September 30, 2006 3rd Q 3rd Q % YTD YTD % 2006 2005 Change 2006 2005 Change Metres Drilled 56,000 31,000 81 140,000 88,000 59
The fourth quarter has also commenced with a significantly higher level of activity than in comparable quarters. The number of operations as well as their duration should result in another quarter of strong revenue. With new rigs in place and new equipment under construction we expect to capitalize on the continuing demand.
Expansion of Drill Fleet
As of this date, the Company has a total of 26 drills either jointly or wholly owned, in the field or being mobilized and 4 additional drills under construction. The drills added during the third quarter along with those under construction are all wholly-owned. Over the next 12-18 months, the Company anticipates the addition of approximately 6-8 of its Series II and Series III wholly-owned drill rigs.
Energold Drilling Corp. is an environmentally and socially sensitive diamond drilling company that services the mining industry. Energold also holds a controlling interest in silver producer IMPACT Silver Corp. and a project portfolio in the Dominican Republic.
On behalf of the Directors of Energold Drilling Corp.
"Frederick W. Davidson"
For further information, please contact:
Darrell Rader - Corporate Development
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
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